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Dogecoin was a joke coin, a cryptocurrency based on a meme that acquired public attention courtesy to Tesla CEO Elon Musk. Despite a period of difficulties, it had a price increase of roughly 2.5 percent in the last 24 hours. It was trading at $0.3 at the time of publication.
Elon Musk’s tweets have in the past created a market frenzy. The most recent development is no exception.
App for Bitcoin and Cryptocurrency Trading Blockfolio made an unexpected request, which Tesla CEO Elon Musk swiftly acknowledged. Yes, the aim was to capture the heat created by mining dogecoin.
— Elon Musk (@elonmusk) May 29, 2021
An interesting fact to consider is that despite the connotation of being a joke, according to ByteTree data- “DOGE miners’ revenues skyrocketed over 4,500 percent in 2021 due to growing transaction fees.”
Many crypto aficionados, however, have shown a lack of interest in DOGE. Stanley Druckenmiller, CEO of Duquesne Family Office, publicly attacked the Shiba Inu-inspired currency in an interview. The Investing mogul stated that he didn’t really observe or care about DOGE’s success. He continued, saying:
“I wouldn’t short it because I don’t like putting campfires out with my face. So I just try and pretend Doge doesn’t exist. I think so little of it, it doesn’t even bother me when it goes up…Don’t go long, and don’t go short. I mean, you know, unless you like going to Vegas, then I guess it’s okay.”